Port of Hamburg Beteiligungsgesellschaft SE, a fully owned subsidiary of MSC Mediterranean Shipping Company S.A. (“MSC”), has concluded its voluntary public takeover offer to Hamburger Hafen und Logistik Aktiengesellschaft (“HHLA”) shareholders. At the close of the extended acceptance period on December 7, 2023, the offer garnered acceptance from shareholders holding 7,325,366 Class A shares, equivalent to 9.74% of the share capital. Additionally, MSC independently acquired 12.21% of HHLA shares on the open market. In combination with the Class A and S shares held by the City of Hamburg, the joint venture partners now collectively control 92.30% of HHLA’s share capital.
Notably, the offer did not include a minimum acceptance threshold. In their joint Reasoned Statement on November 6, 2023, the Executive Board and Supervisory Board of HHLA recommended shareholders accept the offer. The previously signed preliminary framework agreement for a business combination with MSC and the City of Hamburg has paved the way for addressing outstanding matters in the coming weeks. While the closing of the transaction remains contingent on regulatory approvals outlined in the offer document and the endorsement of the Parliament of the Free and Hanseatic City of Hamburg, the completion is anticipated in the second quarter of 2024, subject to the fulfillment of these conditions.
Image source: https://www.hafen-hamburg.de/en/press/news/takeover-offer-for-hhla/